Current accounts with benefits

Compare current accounts with benefits

Current accounts that give you extra: Want an account that gives you additional benefits, exclusive rates & products? There is often a fee but it can be worth paying. Find the deal that’s best for you and get switching.

Current accounts with benefits - Ordered by monthly fee - Lowest to Highest

 

Account Benefits
  • Linked Products
  • Online Fraud
  • Cashback

Monthly fee

Customer service rating

Great (80%) Ok (17%) Poor (3%)

Customer service ratings provided by users of

  • Online Banking
  • Overdraft Facility
  • Standing Orders
  • Direct Debits
Great for:
  • Earn cashback on your shopping with Simply Rewards
  • Get an interest-free overdraft for 3 months, subject to status
But be aware that:
  • You must be at least 18 years old to open this account
M&S

Current Account

Account Benefits
  • Loyalty Rewards
  • Linked Products

Monthly fee

Customer service rating

Great (68%) Ok (19%) Poor (13%)

Customer service ratings provided by users of

  • Overdraft Facility
  • Direct Debits
  • Switching Service
  • Online Banking
Great for:
  • Get a £125 M&S gift card when you use the switching service to switch to this current account, plus £5 per month gift card top up for up to 12 months. T&Cs apply
  • You can also open an M&S Monthly Saver account and earn 5% AER
  • Get a £100 interest-free overdraft, with a £50 buffer if you go over your agreed limit, subject to status
But be aware that:
  • You must be at least 18 years old to open this account
  • To get the £125 gift card, you must use the current account switch service, and you must have at least two active direct debits from the account
  • To get the £5 monthly top up, you must pay in at last £1,000 every month, and you must have at least two active direct debits from the account
Switching Gift Card!

Earn up to £185 on an M&S gift card! Receive £125 when you switch and up to £60 when you stay! Conditions apply, see T&Cs

Account Benefits
  • Cashback

Monthly fee

Customer service rating

Great (46%) Ok (36%) Poor (18%)

Customer service ratings provided by users of

  • Cashback
  • Mobile App
  • Overdraft Facility
  • Online Banking
Great for:
  • 2% back on seven household bills (Council Tax, Mobile, Landline, TV Package, Water, Gas, Electricity & Broadband)
  • Unlimited rewards on household bills if paid by Direct Debit. NatWest customers earn on average £83 per year based on monthly bills of £345. Excludes monthly £2 fee
But be aware that:
  • £2 monthly fee
Barclays

Bank Account with Blue Rewards

Account Benefits
  • Cashback

Monthly fee

Customer service rating

Great (41%) Ok (40%) Poor (19%)

Customer service ratings provided by users of

  • Overdraft Facility
  • Mobile App
  • Direct Debits
  • Standing Orders
Great for:
  • Earn cashback at over 100 online retailers and Expedia when you shop through SmartSpend
  • Earn up to £16 a month in loyalty rewards
But be aware that:
  • You must be at least 18 years old to open this account
  • You'll have to pay a £3 monthly fee
Santander

123 Current Account

Account Benefits
  • Online Fraud
  • Cashback

Monthly fee

Customer service rating

Great (65%) Ok (29%) Poor (6%)

Customer service ratings provided by users of

  • Mobile App
  • Switching Service
  • Overdraft Facility
  • Cashback
Great for:
  • Earn interest of 1.5% AER (variable) on your balance up to £20,000
  • Earn cashback on selected household bills, as long as you pay by direct debit
But be aware that:
  • You'll have to pay a £5 monthly fee
  • You must pay in at least £500 every month
  • You must have at least two active direct debits from this account
2016 SUPERS

Winner of the Best 'Loyalty’ Current Account Provider

Santander

123 Lite Current Account

Account Benefits
  • Cashback
  • Loyalty Rewards

Monthly fee

Customer service rating

Great (51%) Ok (38%) Poor (11%)

Customer service ratings provided by users of

  • Mobile App
  • Online Banking
  • Overdraft Facility
  • Direct Debits
Great for:
  • Earn cashback on selected household bills, as long as you pay by direct debit
But be aware that:
  • You'll have to pay a £1 monthly fee
  • You must pay in at least £500 every month
  • You must have at least two active direct debits from this account and log on to online or mobile banking at least once every three months
2016 SUPERS

Winner of the Best 'Loyalty’ Current Account Provider

Account Benefits
  • Breakdown Cover
  • Mobile Insurance
  • Linked Products
  • Loyalty Rewards
  • Travel Insurance

Monthly fee

Customer service rating

Great (80%) Ok (17%) Poor (3%)

Customer service ratings provided by users of

  • Mobile App
  • Online Banking
  • Online Fraud
  • Switching Service
Great for:
  • Earn interest of 3% AER on your balance up to £2,500
  • UK & European breakdown and recovery assistance, including HomeStart
  • Worldwide family travel insurance, worldwide family mobile phone insurance, extended 12 month warranty on eligible household goods, fee-free overdraft for 3 months, subject to status
But be aware that:
  • You'll have to pay a £10 monthly fee
  • You must be at least 18 years old to open this account
  • There are some exclusions and limitations to the insurance you get with this account
M&S

Premium Current Account

Account Benefits
  • Linked Products
  • Loyalty Rewards

Monthly fee

Customer service rating

Great (68%) Ok (19%) Poor (13%)

Customer service ratings provided by users of

  • Online Banking
  • Overdraft Facility
  • Direct Debits
  • Standing Orders
Great for:
  • Get a £125 M&S gift card when you use the switching service to switch to this current account, plus £5 per month gift card top up for up to 12 months. T&Cs apply
  • Get £222 in M&S vouchers every year (£127 to spend on hot drinks, £40 for clothing and homeware, £45 for treats and delights and a £10 birthday gift)
  • You can also open an M&S Monthly Saver account and earn 5% AER
But be aware that:
  • You'll have to pay a £10 monthly fee
  • To get the £125 gift card, you must use the current account switch service, and you must have at least two active direct debits from the account
  • To get the £5 monthly top up, you must pay in at last £1,000 every month, and you must have at least two active direct debits from the account
Switching Gift Card!

Earn up to £185 on an M&S gift card! Receive £125 when you switch and up to £60 when you stay! Conditions apply, see T&Cs

NatWest

Reward Silver Account

Account Benefits
  • Travel Insurance
  • Mobile Insurance
  • Cashback

Monthly fee

Customer service rating

Great (48%) Ok (38%) Poor (14%)

Customer service ratings provided by users of

  • Cashback
  • Mobile App
  • Overdraft Facility
  • Online Banking
Great for:
  • 2% back on seven household bills with unlimited rewards if paid by Direct Debit. NatWest customers earn on average £120 per year based on monthly bills of £333. Excludes monthly £12 fee
  • Includes many lifestyle benefits such as European multi trip travel insurance, preferential rates on travel money, mobile phone insurance & tastecard membership. Account terms & conditions apply
  • Ticket booking service, receive 25% cashback on tickets for theatre, dance, opera, concerts and more
But be aware that:
  • £12 monthly fee

 

See more current accounts

Current accounts. Trust us to explain them simply

Guides

  

With benefits guide

What is a with-benefits account?

A 'with-benefits’ account is a current account that offers a raft of extras but also charges a monthly fee for use. For the right account holder, extras such as free breakdown cover, travel insurance, phone insurance, home emergency cover and discounts more than offset the monthly fee.

Because with-benefits accounts are laden with extras, they are often referred to as packaged or added-value accounts.

Who do they suit?

With-benefits current accounts are good for those who tend to buy the extras anyway and so will save money despite the fee. Some accounts have fairly high minimum monthly payments, so these are best suited to those earning a high salary who can meet this requirement.

They can also be useful as a joint account, as then you can both benefit from the perks while still paying just one fee.

Benefits

Although most of us expect our current account banking to be free, these deals are slowly catching on as the perks improve and people recognise the savings they can make. If you are considering a packaged account, be sure you will use the perks included.

The range of added benefits vary depending on the account and the monthly fee you opt to pay, so it’s important to take time to search the market and find the most suitable packaged account for your needs and circumstances. Common extras include travel insurance, breakdown cover and mobile phone insurance.

Many banks and building societies also offer preferential rates on other products such as savings and mortgages, to their packaged account customers.

Negatives

The fact there is a monthly fee will be a turn-off for many people.

Some of the perks that come with a with-benefits account need to be signed up for – you might need to register your phone for the mobile insurance, or provide information for your travel policy. Make sure you get around to registering, otherwise you’re wasting money.

Typically, as well as the monthly fee, there will be a minimum amount you will need to pay into the account each month in order to qualify. This can mean that some people’s wages aren’t enough to let them qualify for these kinds of account.

Alternatives

If you aren’t going to use the extras that come with a with-benefits account then it’s probably not worth paying the monthly fee to have one. Instead, consider how you use your current account. If you’re frequently overdrawn, go for a deal that gives you a generous interest-free overdraft. If you’re usually in credit, then a high-interest current account could be a better option.

High earners with more complicated banking needs may not find a packaged account is right for them and may prefer a premier account, which gives them access to a relationship manager.

There are even reward accounts that pay you an amount each month, so a fee-paying account is not always the best option.